JPMorgan invests in blockchain company TRM

JP Morgan Chase is the latest investor in blockchain intelligence firm TRM Labs, according to a Monday (February 28) Press release. The amount of the investment was not disclosed.

The investment will help the San Francisco company fund its cryptocurrency compliance and risk management technology, the statement said.

“Financial institutions, cryptocurrency companies, regulators, and law enforcement agencies around the world use TRM’s technology to monitor cryptocurrency transactions for suspicious activity and to track the movement of stolen or illegally obtained funds,” the company said in the statement.

Co-founder and CEO of TRM Esteban Castano said the investment, which follows a recent $60 million Series B, shows the importance of growing the crypto economy and creating a safe ecosystem for its growth, according to the release.

TRM’s transaction monitoring solution enables financial institutions (FIs) and cryptocurrency businesses to meet anti-money laundering (AML) regulatory requirements and manage reputational and operational risks.

Law enforcement agencies use TRM’s forensic tool to investigate crypto-related crimes. The company said in the statement that its platform is unique in providing cross-chain analytics, which helps detect and investigate high-risk activity across multiple blockchains.

Last year, the company raised $14 million in a Series A funding round led by Bessemer Venture Partners, PayPal Ventures.

Read more: Blockchain Intelligence Firm TRM Labs Raises $14M As Digital Currency Adoption Grows

“TRM’s vision to strengthen the security and integrity of crypto ecosystems through sophisticated analytics solutions aligns with our ambitions to build blockchain products at JP Morgan that are compliant and secure,” said the CEO of Onyx by JP Morgan. Oumar Farooq in the Monday version. “We have spent the past six years exploring the possibilities and applicability of blockchain technology – leading infrastructure companies like TRM will help usher in the future of secure blockchain and crypto use cases.”

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